European Union Imposes 21st Sanctions Package on Russia, Targeting Shipping, Finance, and Energy Sectors

The Council of the European Union has adopted its 21st package of restrictive measures against Russia, significantly expanding sanctions to include vessels servicing 'shadow fleet' ships and designating 218 additional individuals and entities, including 94 Russian banks. The new measures also extend transaction bans to two more Russian ports (Olya and Vysotsk) and a Georgian refinery, and forty-one additional vessels have been designated. The European Commission is also reviewing a potential full ban on the sale of LNG tankers to Russia. These sanctions aim to further curtail Russia's ability to finance its war efforts and impact global trade, shipping, and energy markets.